FACT BOOK [English] FACT BOOK | 日本証券業協会

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Ⅰ

Ⅱ

Economy and Market Trends

3 Overview

1 Securities Industry Overview

17 Statistical Data

25 conomic

er iew

toc Mar et

ond Mar et

n estment rusts

eri ati e Mar et

n estor rends

ousehold inancial ssets

3

5

8

10

12

13

15 umber of Member irms, etc.

erformance ummary

17

22

(3)

Overview

　In 2014, the Japanese economy maintained a moder-ate recovery trend, overcoming the impact of the con-sumption tax hike.

　While increasing by 1.1％ over the previous period in the irst quarter of 2014 partly because of the last min-ute surge in demand before the consumption tax hike in April, real GDP decreased in the second and third ters, due to the reactionary fall, etc. In the fourth quar-ter, it increased by 0.3％ over the previous period, as both domestic and external demand contributed to growth with private consumption continuing its moder-ate recovery and exports increasing.

　Corporate profits （ordinary profits） in 2014 main-tained high levels throughout the year except for the second quarter, reaching a record high for the last 15 years to ￥65,948.3 billion. The ratio of ordinary proits to sales also posted a 15-year record high at 5.0％. 　The Consumer Price Index （CPI） continued to rise, as in the prior year, partly due to the impact of the con-sumption tax hike, and ended at 2.6％ year on year in 2014 （1.2％ excluding the impact of the consumption tax hike）. The Corporate Goods Price Index （CGPI） also rose by 3.2％ year on year, partly due to the increase in the cost of imported raw materials because of yen de-preciation （1.1％ excluding the impact of the consump-tion tax hike）. With the fall in oil prices and end of the impact of the consumption tax hike, it is expected to re-main mostly unchanged for the time-being.

　The unemployment rate hovered around 3.6％, im-proving from the previous year on an annual basis. The job-offers to seekers ratio had steadily improved after the Lehman Shock in 2008, exceeding 1.0 times on an annual basis for the irst time since 2007, at 1.09 times.

　In 2014, the Nikkei 225 Stock Average, after the rapid-ly rising trend of the prior year, started with a decline at ￥15,908, and continued having difficulties in rising for some time afterwards. Concerns about the cooling down of private consumption after the consumption tax hike in April led to the lowest for the year at ￥13,910 on April 14. However, it soon recovered from this level, and turned to an increasing trend again in May and after, partly due to higher stock prices in the U.S. On Septem-ber 18, it passed ￥16,000 for the irst time since Decem-ber 2013 against the backdrop of yen depreciation. In October, although it declined to below ￥15,000 again, relecting concerns about a global economic downturn, it rose by ￥755 per day for the irst time in 6 years when

the Bank of Japan decided upon additional monetary-easing at the end of October. Afterwards, it continued rising, reaching ￥17,450 at the end of the year, as the market felt widely assured about economic activities in the near term because of a further weakening of the yen due to the additional monetary-easing as well as the de-cision by the government to postpone the second con-sumption tax hike. The average daily trading value for the First Section of the Tokyo Stock Exchange continued to see high-level trading, at ￥2,635.6 billion, although it was lower than the level of the previous year.

　Equity inancing （paid-in capital increase） by publicly listed companies totaled ¥2,002.7 billion, turning to an increase for the irst time in two years by ¥347.7 billion from a year earlier. The number of initial public oferings （IPOs） increased by 15 companies from a year earlier, to 90 companies, with a conspicuous increase in the market for start-ups, while IPOs totaled ¥346.2 billion, down 8.4％ from the prior year.

　In 2014, the long-term interest rate （simple interest yield on newly issued 10-year JGBs） began at 0.725％. However, the long-term interest rate then moved on a decreasing trend, reaching 0.585％ at the end of Febru-ary, as the long-term interest rate in the U.S. became lower after the release of the employment statistics, etc. From March to mid-May, the long-term interest rate rose to above 0.6％, due to the situation in Ukraine and the expected earlier rise of interest rates after the press con-ference of the FRB chair. In the meantime, thin trading among brokers in the market on April 14 resulted in no business for the whole day for the irst time in about 13 years since December 26, 2000. Afterwards, following the lowering of the long-term interest rates in the U.S. and Europe, the long-term interest rate dropped, moving to around 0.5％ after having fallen to under 0.5％ on Au-gust 26 at 0.495％. After the monetary-easing at the end of October, while there was a temporary rise due to the postponement in November of the second consumption tax hike, the long-term interest rate was generally on a decreasing trend, dropping to a record low of 0.310％ on December 25, and ended trading at 0.329％ at the end of the year.

　In 2014 the total OTC bond trading volume （including Repos） increased 12％ year on year, to ¥10,182 trillion, exceeding ￥10 quadrillion for the first time in 6 years. Within this amount, the trading volume of JGBs was ￥10,075 trillion. Public and corporate bond issuance

re-mained at almost the same level as in the previous year at ￥205 trillion.

Ⅰ

Economy and Market Trends

01

１ Economic Overview

2 Stock Market

(4)

Overview

FACT BOOK

2015

　Net assets of investment trusts reached a record high of ￥147,512.6 billion （up 15.2％ year on year） at the end of 2014. Within that amount, publicly ofered investment trusts were ￥93,504.5 billion （up 14.7％）, private place-ment investplace-ment trusts totaled ￥46,870.6 billion （up 16.0％）, and real-estate investment trusts were ￥7,137.4 billion （up 17.4％）.

　In 2014, the amount of market derivative trading was 308 million units （down 14.6％ from the previous year）, a level next to the record high in 2013. Moreover, the amount of OTC securities derivative transactions in is-cal 2014 was ￥122,946.2 billion （down 9.9％ from the previous year）.

　As for stockholdings by type of investors as of the end of 2014, individuals decreased for the third consecutive

years to 17.3％, which represented the lowest ratio in 15 years since 2000. On the other hand, institutions re-mained at almost the same level at 21.3％, while inan-cial institutions （excluding pension trusts, investment trusts, and insurance companies） recovered to the level of 2012 and before at 15.7％. Moreover, foreigners con-tinued holding more than 30％, as in the previous iscal year, at 31.7％, representing a substantial increase from 18.8％ in 2000.

　As regards the composition of household inancial as-sets as of the end of the iscal year 2014, stocks and oth-er equities accounted for 10.8％, exceeding 10％ for the irst time since the iscal year 2006, whereas investment trusts continued on rising trend to 5.6％. For others, cash and deposits was 51.7％, bonds 1.6％, insurance and pension reserves 26.0％ and so forth.

　Regarding NISA （Nippon Individual Savings Account）, which was introduced in 2014, there were 8.25 million NISA accounts at the end of the year 2014, with the an-nual amount of purchases reaching ￥2,976.9 billion.

　As of the end of iscal year 2014, the number of regu-lar members （securities irms which are members of the Japan Securities Dealers Association） totaled 254, de-clining by 1 from a year earlier, with 5 irms joining and 6 leaving, etc. The number of special members （banks and other registered inancial institutions） was 211, de-clining by 1 inancial institution from last year.

　At the end of 2014, due to the increase in the number of oices against a backdrop of good performance, the number of employees increased for the first time since year 2008 to 85,000, up by 2,000 from the previous year. In addition, the number of domestic offices of regular members also increased for the first time since fiscal year 2008 to 2,118, up by 30 from the prior iscal year. 　The number of registered sales representatives of member irms at the end of 2014 was approximately the same as a year earlier, at 520,000. By membership cate-gory, the number of sales representatives registered by regular members continued to increase for the second consecutive year to 72,000 （up 1,000 year on year）, while the number of sales representatives registered by special members was 350,000, representing a decrease for the fourth year in a row.

　In the iscal year 2014 ended March 2015, total oper-ating revenues of the 249 regular irms＊ in the securities industry amounted to ¥4,154 billion, up 2％, from the previous year. The breakdown of operating revenues was ¥2,294.6 billion in commission and ¥1,237.0 billion in trading gain.

　On the other hand, selling, general and administrative costs increased by 7％ year on year to ￥2,810.7 billion. Among them, transaction expenses were ¥717.2 billion, and personnel expenses were ¥1,118.5 billion.

　As a result, the industry posted ordinary profits of ¥1,019.0 billion, a 14％ decrease from the prior year. Net income was down 20％ to ¥728.7 billion maintaining proits as a whole. Return on equity （ROE） was 10.2％, decreasing 3.9 percentage points from the previous iscal year.

＊While there were a total of 254 securities irms at the end of March 2015, 5 domestic securities irms which are not operating because of business discontinuance or other rea-sons were excluded from industry igures.

Ⅱ

Securities Industry Overview

02

4 Investment Trusts

5 Derivative Market

6 Investor Trends

7 Household Financial Assets

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Economy and Market Trends

Ⅰ

03

１ Economic Overview

-5.0 -4.0 - .0 -2.0 -1.0 0.0 1.0 2.0 .0

14 1

12 11

10 0

0 0

0 05

, uarterly ublic demand eal et exports

ri ate demand

otes 1. easonally ad usted.

2. eal points indicate uarterly comparison. rea down categories indicate contributions. . ata published on une , 2015.

ource apanese abinet ce

eal

ro t ate uarter on uarter

14 1

12 11 10 0

0 0 0 05 00 01 02 0 04

rillion yen

-10 0 10 20 0 40 50 0 0

-1.0 0.0 1.0 2.0 .0 4.0 5.0 .0 .0

atio of ordinary proits to sales right scale eturn on e uity right scale

rdinary proits left scale

otes 1. 201 ordinary proits and the ratio of ordinary proits to sales are on a preliminary report basis. 2. 2014 return on e uity is not yet published.

. rdinary proits, the ratio of ordinary proits to sales, and return on e uity exclude performances of the ban ing and insurance industries. ource Ministry of inance

orporate ro ts all industries and all scales o usiness

▲

For numerical data, please see page 26.

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

04

14 1 12 11 10 0 0 0 0 05 00 01 02 0 04 - .0 -4.0 -2.0 0.0 2.0 4.0 .0

onsumer rice ndex excluding fresh food orporate oods rice ndex

ote nnual a erage year on year .

ources Ministry of nternal airs and ommunications, an of apan

onsumer rice and orporate oods rice ndices ear on ear

14 1 12 11 10 0 0 0 0 05 00 01 02 0 04 0.0 1.0 2.0 .0 4.0 5.0 .0 1 12 11 10 0 0 0 0 05 04 0.0 1.0 2.0 .0 4.0 5.0 .0 imes 0.0 0.2 0.4 0. 0. 1.0 1.2 0.0 0.2 0.4 0. 0. 1.0 1.2

nemployment rate left scale

ob-o ers to see ers ratio excluding new school graduates but including part-time wor ers, right scale

ote nnual a erage seasonally ad usted .

ources Ministry of nternal airs and ommunications, Ministry of ealth, abour and Welfare

mplo ment onditions

▲

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05

2 Stock Market

14 1 12 11 10 0

0 0 0 05 00 01 02 0 04

oints oints

5,000 10,000 15,000 20,000 25,000

500 1,000 1,500 2,000 2,500

i ei 225 toc erage left scale - i ei 400 left scale

right scale

otes ase ate for - i ei 400 calculation is ugust 0, 201 . ase alue 10,000 points . ources i ei nc., apan xchange roup

toc rice

14 1 12 11 10 0

0 0 0 05 00 01 02 0 04

rillion yen

nd of

0 100 200 00 400 500 00 00

0 500 1,000 1,500 2,000 2,500 ,000 ,500

Mar et capitali ation right scale umber of listed companies left scale

otes 1. otal of domestic stoc s.

2. he spot mar et of former sa a ecurities xchange was merged with o yo toc xchange in uly 201 . ource apan xchange roup

um er o

listed companies and mar et capitali ation

▲

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

06

14

1 12 11 10 0

0 0 0 05 00 01 02 0 04

illion yen rillion yen

0 100 200 00 400 500 00 00 00

0 500 1,000 1,500 2,000 2,500 ,000 ,500 4,000

otal trading alue right scale

aily erage toc rading alue of left scale

ource apan xchange roup

rading alue

14 1 12 11 10 0

0 0 0 05 00 01 02 0 04

imes

nd of

0 20 40 0 0 100

ote paces for the end of 2002 and 200 are left blan as the total net proit per share was negati e. ource apan xchange roup

erage

imple

erage o

1st ection

▲

(9)

07

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

rillion yen

0 1 2 4 5

ublic o erings

hird-party allotments and others

ights o erings

otes 1. hird-party allotments include pri ate placements.

2. nitial public o erings made in con unction with the listing of shares on exchanges before 200 are not included in the calculations. ource apan xchange roup

uit Financing paid in capital increase

orporations

1 14 12

11 10 0

0 0 0 05

00 01 02 0 04 0.0

0.2 0.4 0. 0. 1.0

0 50 100 150 200 250

rillion yen amounts right scale

umber of newly listed companies left scale

otes 1. s include public o erings made when foreign companies list on a apanese exchange.

2. he igures for the number of new listed companies are for the irst and econd ections, the Mothers and mar ets of the . igures for other domestic exchanges are not included.

ources apan xchange roup, apan ecurities ealers ssociation

um er o e l isted ompanies and

mounts

▲

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

08

3 Bond Market

-0.1 0.0 0.1 0.2 0. 0.4 0.5 0. 0. 0.

1

12 14 11

10 0

0 0 0 05

00 01 02 0 04 -0.

0.0 0. 0. 0. 1.2 1.5 1. 2.1 2.4

all rates uncollaterali ed o ernight, left scale

imple yield of newly issued 10-year s daily a erage, right scale

ources an of apan, apan ond rading o., td.

ong term and

ort term nterest ates

undred trillion yen

0 20 40 0 0 100 120 140

hort-term s thers

uper-long-term, long-term, medium-term s

ote hort-term s are the total of inancial bills, treasury bills and treasury discount bills since 200 . ource apan ecurities ealers ssociation

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

ond rading including epos

▲

(11)

09

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

rillion yen

0 2 4 10 12

traight corporate bonds

on ertible-type bonds with subscription rights

otes 1. traight corporate bonds include asset bac ed bonds.

2. on ertible-type bonds with subscription rights were pre iously termed con ertible bonds before being renamed in accordance with 2002 re isions in the ommercial ode. ource apan ecurities ealers ssociation

orporate ond Financing

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

nd of

0 20 40 0 0 100

o -guaranteed bonds thers

Municipal bonds traight corporate bonds s

agency bonds

otes 1. xcluding pri ate placement municipal bonds. n addition, for 200 and later, excluding pri ate placement special bonds and pri ate placement corporate bonds.

2. traight corporate bonds include asset bac ed bonds. ource apan ecurities ealers ssociation

omposition o ond ssuance

▲

URL http://www.jsda.or.jp/shiryo/toukei/hakkou/index.html

URL http://www.jsda.or.jp/shiryo/toukei/inance/index.html

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

10

4 Investment Trusts

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

rillion yen

nd of

0 20 40 0 0 100 120 140 1 0

0 5,000 10,000

ublicly o ered in estment trusts ri ate placement in estment trusts

eal-estate in estment trusts umber of funds right scale

ource he n estment rusts ssociation, apan

et ssets eld in n estment rusts, etc.

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

rillion yen

nd of

0 10 20 0 40 50 0 0 0 0 100

0 ,000 ,000

toc in estment trusts Money management funds

ond in estment trusts umber of funds right scale

et ssets, etc., eld in u licl

ered ontractual t pe ecurities n estment rusts

▲

(13)

11

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

rillion yen

nd of

0 10 20 0 40 50 0 0 0

0 ,000 ,000

toc in estment trusts s

pen type excluding s umber of funds right scale

et ssets, etc., eld in u licl

ered ontractual t pe toc n estment rusts

rillion yen

nd of

0 5 10 15 20 25 0 5 40 45 50

0 500 1,000 1,500 2,000 2,500 ,000 ,500 4,000 4,500 5,000

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

toc in estment trusts

ond in estment trusts umber of funds right scale

et ssets, etc., eld in ri ate lacement ontractual t pe n estment rusts

▲

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

12

14

1 12

11 10

0 0

Million

contracts contractshousand

0 50 100 150 200 250 00 50 400

0 ,000 ,000

ransaction olume left scale urrent outstanding open contracts right scale

otes 1. he deri ati e mar et of o yo toc xchange was merged with that of sa a xchange in March 2014. 2. igures show the total of the deri ati e mar ets of o yo toc xchange before the merger and sa a xchange.

. urrent outstanding open contracts are as of year-end. ource apan xchange roup

eri ati e ar et ransaction olume, etc.

14 1

12 11

10 0

0 0

0 05

04

rillion yen

0 20 40 0 0 100 120 140 1 0

ransaction alue nd-of-term balance

otes 1. igures are on a notional alue basis. 2. nd of term balance is as of iscal year-end. ource apan ecurities ealers ssociation

alue o ecurities

eri ati e ransactions

▲

5 Derivative Market

(15)

13

6 Investor Trends

rillion yen

ecurities other than stoc s oreign securities

toc s and other e uities

ote hanges during the iscal year. ource an of apan

-5 0 5 10 15

14 1

12 11

10 0

0 0

0 05

n estment

nstitutional n estors nsurance ompanies and ension Funds

rillion yen

-10 -5 0 5 10 15

14 1

12 11

10 0

0 0

0 05

ecurities other than stoc s oreign securities

toc s and other e uities

ote hanges during the iscal year. ource an of apan

n estments

ndi idual n estors

ouse old

▲

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Economy and Market Trends

FACT BOOK

2015

Ⅰ

14

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

nd of

0 20 40 0 0 100

inancial institutions oreigners o ernments

usiness corporations

n estment trusts ension trusts

ecurities irms ndi iduals

nsurance companies

otes 1. o ernments include central and regional go ernments.

2. inancial nstitutions do not include pension trusts, in estment trusts and insurance companies. . igures co er all exchange-listed stoc s excluding foreign stoc s.

4. ension trusts include in estment assets of pension related funds of welfare pension funds, etc., for which ban s operating trust business are appointed as trustee, but do not include those of public pension funds.

5. reasury shares owned by each listed company are included under the in estor type in which the companies are categori ed. ource o yo toc xchange

oldings

pe o n estors mar et alue asis

▲

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15

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

nd of

0 10 20 0 40 50 0 0 0 0 100

toc s and other e uities thers

onds

nsurance and pension reser es ash and deposits

n estment trusts

ote onds include trust beneiciary rights. ource an of apan

omposition o ouse old Financial ssets

2014 2010

2005

1 2000

Million yen

0 2 4 10 12 14 1 1 20

20s 50s

0s 0s

40s 0s or older

ote ouseholds with two people or more including those without inancial assets. ource entral ouncil for inancial er ices nformation

erage Financial ssets eld

ge roup

▲

(18)

Economy and Market Trends

FACT BOOK

2015

Ⅰ

16

2014.12

2014.0 2014.01

en thousand accounts

ear Month

0 150 00 450 00 50 00

illion yen

0 500 1,000 1,500 2,000 2,500 ,000

umber of accounts left scale urchase amount right scale

ote t the time of introduction for anuary 2014 end of month for others. ource inancial er ices gency

ippon apan ndi idual a ings ccount

s of ctober 1, 2014

1,5000 1,000 500 0 500 1,000 1,500

10 20 0 40 50 0 0 0 0 100 or older

housands Male emale

ource Ministry of nternal airs and ommunications

emograp ic

ramid

▲

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Securities Industry Overview

Ⅱ

17

1 Number of Member Firms, etc.

nd of

0 50 100 150 200 250 00 50

1

12 14 11

10 0

0 0 0 05 00 01 02 0 04

o less than 1 billion to less than billion oreign securities irms

o less than 00 million to less than 1 billion o less than 10 billion

o less than 200 million to less than 00 million o less than 5 billion to less than 10 billion o less than 50 million to less than 200 million

o less than billion to less than 5 billion

ote he amount in the brea down for the number of member irms shows the classiication of capital for domestic securities irms. ource apan ecurities ealers ssociation

egular em ers ecurities Firms

▲

0 5 10 15 20 25 0 5

14 1

12 11 10 0

0 0 0 05 04 0

02 01

00 -40

- 0 -20 -10 0 10 20 0

nrollments and it dra als, etc. ecurities Firms

nrollments Withdrawals, etc. hanges right scale

ote he companies that withdrew e ecti e March 1 are included in the withdrawals of the next iscal year. ource apan ecurities ealers ssociation

▲

(20)

Securities Industry Overview

FACT BOOK

2015

Ⅱ

18

nd of

0 50 100 150 200 250

14 1

12 11 10 0

0 0 0 05 04 0

02 01 00

econd-tier regional ban s egional ban s

Money mar et bro ers ther ban s o ernment-a liated inancial institutions

on-life insurance companies redit cooperati es rust ban s

ife insurance companies ecurities inance companies ity ban s

hin in ban s oreign ban s

ource apan ecurities ealers ssociation

pecial em ers egistered Financial nstitutions

▲

URL http://www.jsda.or.jp/shiryo/toukei/gyotai.html

housands

nd of

5 0 5 0 5 100

14 1

12 11 10 0

0 0 0 05 04 0

02 01 00

egular em ers mplo ees

▲

(21)

19

nd of

0 500 1,000 1,500 2,000 2,500

14 1

12 11 10 0

0 0 0 05 04 0

02 01 00

usiness o ces ranches

ead o ce

ote rom the end of 2014, the category of ranches is included in that of usiness o ces. ource apan ecurities ealers ssociation

egular em ers omestic

ces

▲

(22)

Securities Industry Overview

FACT BOOK

2015

Ⅱ

20

s of end March 2015

o aido 2 1

omori ita

wate

amagata 10 2

u ushima 12 iigata 45

Miyagi

ochigi 2 1 aitama

2 unma 2 1 agano

2 2 oyama 2 4 shi awa

1 u ui 1 2

bara i 2

anagawa 1 1 hiba 4 1 amanashi

o yo 551 1 1

ichi 151 11 Mie

2

hi uo a ifu 2 1 higa 14

ara 2 1 sa a1 2 12 yogo

4 yoto 1 4 ayama 2 1

ottori 1 himane

iroshima 50 amaguchi

4 1 u uo a

2 ita

Miya a i agoshima

umamoto 1 1 aga 5 agasa i

10

inawa 1 2 agawa 1 2

o ushima 1 2 ochi hime 2

Wa ayama 21

ote he number of head o ces is in parentheses. ource apan ecurities ealers ssociation

egular em ers omestic

ices

re ecture

(23)

21

0 100 200 00 400 500 00

nd of

ecurities ales epresentati es

housands

pecial Members egular Members

inancial instruments intermediary ser ice pro iders belonging to egular Members inancial instruments intermediary ser ice pro iders belonging to pecial Members

14 1

12 11 10 0

0 0 0 05 04 0

02 01 00

otes 1. he began recording the number of securities sales representati es of inancial instruments intermediary ser ice pro iders in 2005. 2. xcluding representati es of inancial instruments intermediary ser ice pro iders that are indi iduals rather than companies.

0 20 40 0 0 100 120 140

14 1

12 11

10 0

0 0

0

05 0

10 20 0 40 50 0 0

housands

ecurities ales epresentati e

am andidates

lass-1 o. of xaminees lass-1 ass rate

lass-2 o. of xaminees lass-2 ass rate

pecial Members lass o. of xaminees pecial Members lass-1 ass rate

pecial Members lass-2 o. of xaminees pecial Members lass-2 ass rate

left scale right scale

ote s of anuary 2012, lifted its restrictions must be an o cer or employee of an association member irm,

must ha e ualiied as lass-2 ales epresentati e on eligibility for ta ing the lass-1 ales epresentati e examination. ource apan ecurities ealers ssociation

▲

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Securities Industry Overview

FACT BOOK

2015

Ⅱ

22

0.0

1.0 2.0 .0 4.0 5.0

15. 14. 1 . 12. 11. 10. 0 . 0 . 0 . 0 . 05. 04. 0 . 02. 01.

rillion yen

ended rading gain thers ommission

inancial re enue

otes 1. ecurities irms that were not in business as of the end of March in each year are excluded. 2. igures for iscal 2014 ended March 2015 are on a preliminary report basis.

perating e enues o em er ecurities Firms

0 500 1,000 1,500 2,000 2,500 ,000 ,500

15. 14. 1 . 12. 11. 10. 0 . 0 . 0 . 0 . 05. 04. 0 . 02. 01.

illion yen

ended nderwriting and o ering commissions ther commissions

ro erage commission

ubscription and distribution commissions

ommissions ecei ed o em er ecurities Firms

2 Performance Summary

▲

URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html

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23

0.0 0.5 1.0 1.5 2.0 2.5 .0 .5 4.0 4.5

15. 14. 1 . 12. 11. 10. 0 . 0 . 0 . 0 . 05. 04. 0 . 02. 01.

rillion yen

ended eal estate e uipment costs thers

mployment cost inancial expenses ransaction expenses

ata processing o ce supplies costs

perating

penses o em er ecurities Firms

-0.5 0.0 0.5 1.0 1.5 2.0

15. 14. 1 . 12. 11. 10. 0 . 0 . 0 . 0 . 05. 04. 0 . 02. 01.

rillion yen

ended otes 1. ecurities irms that were not in business as of the end of March in each year are excluded.

2. igures for iscal 2014 ended March 2015 are on a preliminary report basis. ource apan ecurities ealers ssociation

et ncome oss rdinary roits osses

rdinar ro ts osses and et ncome oss o em er ecurities Firms

▲

URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html

(26)

Securities Industry Overview

FACT BOOK

2015

Ⅱ

24

- 00

-200 -100 0 100 200 00 400 500

15. 14.

1 . 12.

11. 10.

0 . 0 .

05.

illion yen

ended ther domestic irms oreign irms

Ma or irms

otes 1. ecurities irms that were not in business as of the end of March in each year are excluded.

2. Ma or securities irms M i o ecurities nc., aiwa ecurities, o., td., omura ecurities o., td., and other securities irms capitali ed at a hundred billion yen or more.

. igures for iscal 2014 ended March 2015 are on a preliminary report basis. ource apan ecurities ealers ssociation

et ncome oss

pe o em er ecurities Firms

-20 -10 0 10 20 0 40

15. 14. 1 . 12. 11. 10. 0 . 0 . 0 . 0 . 05. 04. 0 . 02. 01.

ended ll member securities irms Ma or irms oreign irms ther domestic irms

otes 1. ecurities irms that were not in business as of the end of March in each year are excluded.

2. Ma or securities irms M i o ecurities nc., aiwa ecurities, o., td., omura ecurities o., td., and other securities irms capitali ed at a hundred billion yen or more.

. igures for iscal 2014 ended March 2015 are on a preliminary report basis. ource apan ecurities ealers ssociation

pe o em er ecurities Firms

▲

(27)

Statistical Data

25

１ Economic Overview

Real GDP Growth Rate (quarter on quarter)

Economy and Market Trends

（％）

CY, Quarterly Real GDP _{Private demand Public demand} _{Net exports}

2000

１Q 1.6 1.5 －0.3 0.5 ２Q 0.2 －0.1 0.4 0.0 ３Q －0.3 －0.2 0.0 0.0 ４Q 0.7 1.2 0.0 －0.4

2001

１Q 0.6 0.7 0.4 －0.4 ２Q －0.2 0.1 －0.1 －0.1 ３Q －1.1 －1.2 0.0 0.0 ４Q －0.1 －0.3 0.1 0.1

2002

１Q －0.2 －0.7 0.0 0.4 ２Q 1.1 0.5 0.1 0.5 ３Q 0.6 0.8 0.1 －0.2 ４Q 0.4 0.3 －0.2 0.2

2003

１Q －0.6 －0.4 －0.2 0.1 ２Q 1.3 0.8 0.2 0.3 ３Q 0.4 0.3 －0.1 0.2 ４Q 1.0 0.9 －0.2 0.3

2004

１Q 0.9 0.3 0.3 0.4 ２Q 0.1 0.3 －0.4 0.2 ３Q 0.1 0.3 0.0 －0.2 ４Q －0.3 0.0 －0.1 －0.1

2005

１Q 0.2 0.1 0.0 0.0 ２Q 1.3 1.2 －0.3 0.4 ３Q 0.3 0.2 0.1 0.1 ４Q 0.2 －0.2 －0.1 0.5

2006

１Q 0.4 0.3 0.1 0.1 ２Q 0.4 0.5 －0.1 0.1 ３Q －0.1 －0.2 －0.2 0.3 ４Q 1.3 1.2 0.0 0.1

2007

１Q 1.0 0.7 0.0 0.3 ２Q 0.1 －0.1 0.1 0.2 ３Q －0.4 －0.8 －0.1 0.5 ４Q 0.9 0.3 0.2 0.4

2008

１Q 0.7 0.5 －0.2 0.3 ２Q －1.2 －0.8 －0.5 0.1 ３Q －1.1 －1.1 0.0 0.0 ４Q －3.3 －0.5 0.1 －2.9

2009

１Q －4.0 －3.1 0.3 －1.2 ２Q 1.7 －0.6 0.5 1.8 ３Q 0.1 －0.7 0.2 0.5 ４Q 1.7 0.9 0.2 0.7

2010

１Q 1.5 0.9 0.0 0.6 ２Q 1.1 1.1 0.0 0.0 ３Q 1.5 1.3 0.1 0.1 ４Q －0.5 －0.4 0.0 －0.1

2011

１Q －1.9 －1.4 －0.2 －0.3 ２Q －0.6 0.2 0.3 －1.1 ３Q 2.7 1.8 －0.1 0.9 ４Q 0.2 1.1 －0.2 －0.7

201２

１Q 1.0 0.3 0.7 0.1 ２Q －0.5 0.1 －0.2 －0.4 ３Q －0.4 0.1 －0.1 －0.5 ４Q －0.1 －0.1 0.1 －0.1

2013

１Q 1.3 0.5 0.4 0.4 ２Q 0.7 0.4 0.3 0.0 ３Q 0.5 0.7 0.2 －0.4 ４Q －0.2 0.3 0.1 －0.5

2014

１Q 1.1 1.5 －0.1 －0.3 ２Q －1.7 －2.9 0.1 1.1 ３Q －0.5 －0.7 0.1 0.1 ４Q 0.3 0.0 0.0 0.3

Notes: 1. Seasonally adjusted.

2. Real GDP points indicate quarterly comparison. Breakdown categories indicate contributions. 3. Data published on June 8, 2015.

Source: Japanese Cabinet Oice

The following statistics update the data on the Association’s website.

(28)

Statistical Data

FACT BOOK

2015

26 Corporate Proits (all industries and all scales of business)

FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Ordinary proits

(Trillion yen) 35.8 28.2 31.0 36.1 44.7 51.6 54.3 53.4 35.4 32.1 43.7 45.2 48.4 59.6 65.9

Ratio of ordinary

proits to sales (%) 2.5 2.1 2.3 2.7 3.1 3.4 3.5 3.4 2.4 2.3 3.2 3.3 3.5 4.2 5.0

Return on equity

(%) 2.6 －0.1 1.8 3.9 4.5 5.9 6.3 5.6 1.5 1.9 3.7 3.8 4.5 6.7 － Notes: 1. FY 2013 ordinary proits and the ratio of ordinary proits to sales are on a preliminary report basis.

2. FY 2014 return on equity is not yet published.

3. Ordinary proits, the ratio of ordinary proits to sales, and return on equity exclude performances of the banking and insurance industries.

Source: Ministry of Finance

Consumer Price and Corporate Goods Price Indices (year on year)

（％） CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Consumer Price Index

(excluding fresh food) －0.4 －0.8 －0.9 －0.3 －0.1 －0.1 0.1 0.0 1.5 －1.3 －1.0 －0.3 －0.1 0.4 2.6

Corporate Goods

Price Index 0.0 －2.3 －2.1 －0.9 1.3 1.6 2.2 1.8 4.6 －5.3 －0.1 1.5 －0.9 1.3 3.2

Note: Annual average (year on year).

Sources: Ministry of Internal Afairs and Communications, Bank of Japan

Employment Conditions

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Unemployment rate

(%)

4.7 5.0 5.4 5.2 4.7 4.4 4.1 3.8 4.0 5.1 5.1 4.6 4.3 4.0 3.6

Job-ofers to Seekers Ratio

(excluding new school graduates but including part-time workers) (Times)

0.59 0.59 0.54 0.64 0.83 0.95 1.06 1.04 0.88 0.48 0.52 0.65 0.80 0.93 1.09

Note: Annual average (seasonally adjusted).

(29)

Statistical Data

27

（Times）

End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PER 85.5 61.4 － 96.7 28.1 32.3 25.9 19.5 14.1 － 32.9 15.0 18.4 23.5 18.5

Note: “－” for the end of 2002 and 2009 are left blank as the total net proit per share was negative. Source: Japan Exchange Group

Average PER (Simple Average) of TSE (1st Section)

Number of TSE Listed Companies, Market Capitalization, Trading Volume, and Trading Value

（Billion yen, Million stocks）

CY TSE Listed Number of Companies

Market Capitalization

Trading Volume Trading Value

Total Daily average Total Daily average 2000 2,055 360,554 174,159 702 248,662 1,002 2001 2,103 296,789 204,037 829 202,261 822 2002 2,119 247,860 213,173 867 193,354 786 2003 2,174 316,483 316,124 1,290 242,371 989 2004 2,276 364,554 378,755 1,539 343,121 1,394 2005 2,323 539,739 558,901 2,281 491,772 2,007 2006 2,391 549,789 502,463 2,026 673,762 2,716 2007 2,389 483,828 562,118 2,294 752,227 3,070 2008 2,373 283,460 555,106 2,265 576,319 2,352 2009 2,319 307,779 563,576 2,319 373,766 1,538 2010 2,280 310,451 520,052 2,122 359,170 1,466 2011 2,279 255,855 536,774 2,190 347,112 1,416 2012 2,293 300,797 529,928 2,136 310,886 1,253 2013 3,406 477,509 887,952 3,624 682,702 2,786 2014 3,456 524,899 709,104 2,906 643,105 2,635

Notes: 1. Total of domestic stocks.

2. Number of listed companies and market capitalization were those at the end of the year.

3. The spot market of former Osaka Securities Exchange was merged with Tokyo Stock Exchange in July 2013. Source: Japan Exchange Group

(Point, yen)

End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Nikkei 2 2 5

Stock Average 13,785.70 10,542.60 8,578.95 10,676.60 11,488.80 16,111.40 17,225.80 15,307.80 8,859.56 10,546.40 10,228.90 8,455.35 10,395.20 16,291.30 17,450.80

TOPIX 1,283.67 1,032.14 843.29 1,043.69 1,149.63 1,649.76 1,681.07 1,475.68 859.24 907.59 898.80 728.61 859.80 1,302.29 1,407.51

JPX-Nikkei

400 －－－－－－－－－－－－－ 11,767.20 12,768.40

Dollar/yen 114.75 131.95 119.90 107.13 104.21 118.07 119.11 114.15 91.03 92.10 81.49 77.74 86.58 105.39 120.55 Euro/yen 106.55 116.51 125.08 133.74 141.61 139.83 156.50 166.66 127.96 132.00 107.90 100.71 114.71 145.05 146.54

Notes: 1. Stock price indices show closing prices. Foreign exchange rate is Telegraphic Transfer Middle Rate (TTM). 2. Base Date for JPX-Nikkei 400 calculation is August 30, 2013. (Base value: 10,000 points).

Sources: Nikkei Inc., Japan Exchange Group, The Bank of Tokyo-Mitsubishi UFJ,Ltd.

Stock Price, etc.

(30)

Statistical Data

FACT BOOK

2015

28 Number of Newly Listed Companies and IPO Amounts

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Number of newly

listed companies 203 168 123 118 152 98 113 65 54 23 26 50 66 75 90

IPO amounts

(Billion yen) 941 368 147 347 421 402 594 176 43 33 206 128 39 377 346 Notes: 1. IPOs include public oferings made when foreign companies list on a Japanese exchange.

2. The igures for the number of new listed companies are for the First and Second Sections, the Mothers and JASDAQ markets of the TSE. Figures for other domestic exchanges are not included.

Sources: Japan Exchange Group, Japan Securities Dealers Association

（Trillion yen）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

JGBs 3,898.0 3,863.4 3,429.8 4,836.1 6,178.6 6,428.0 8,881.6 11,890.1 11,118.4 8,458.1 7,452.4 7,860.2 8,738.9 8,968.6 10,075.4 Short-term JGBs 2,622.0 2,243.2 1,490.0 1,933.7 2,179.3 1,817.5 1,872.1 2,554.8 2,680.6 3,083.9 2,646.5 2,497.8 2,475.5 2,693.7 2,449.3 Super-long-term, long-term,

medium-term JGBs 1,276.0 1,620.1 1,939.8 2,902.4 3,999.2 4,610.5 7,009.5 9,335.2 8,437.8 5,374.1 4,805.9 5,362.4 6,263.3 6,274.9 7,626.0 Others 163.0 194.6 236.1 274.0 302.8 330.1 271.3 206.5 169.7 105.1 100.7 104.1 105.3 89.3 106.9 Total 4,061.1 4,058.0 3,665.9 5,110.2 6,481.4 6,758.2 9,152.9 12,096.6 11,288.1 8,563.3 7,553.1 7,964.4 8,844.3 9,058.0 10,182.3

Note: Short-term JGBs are the total of inancial bills, treasury bills and treasury discount bills (since 2009). Source: Japan Securities Dealers Association

OTC Bond Trading (including Repos)

Equity Financing (paid-in capital increase) by Corporations

（Billion yen）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Public

oferings 796 1,372 223 653 994 884 1,659 511 362 4,968 3,320 1,014 473 1,134 1,384 Rights

oferings 10 32 － 2 11 4 3 9 0 0 1 － 0 1 － Third-party allotments

and others 1,223 847 1,566 2,808 2,150 2,509 1,220 1,626 1,116 1,366 655 510 1,444 519 617

Total 2,030 2,252 1,789 3,464 3,156 3,397 2,883 2,147 1,479 6,334 3,977 1,524 1,918 1,655 2,002

Notes: 1. Third-party allotments include private placements.

2 Initial public oferings made in conjunction with the listing of shares on exchanges before 2007 are not included in the calculations. 3. “—” indicates nil. “0” indicates an amount less than 1 unit amount.

Source: Japan Exchange Group

Long-term and Short-term Interest Rates

（%）

End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Simple yield of newly issued 10-year JGBs

(daily average)

1.646 1.368 0.909 1.370 1.441 1.480 1.685 1.510 1.174 1.295 1.128 0.988 0.791 0.741 0.329

Call rates

(uncollateralized

overnight) 0.075 0.001 0.001 0.001 0.001 0.005 0.300 0.505 0.105 0.095 0.095 0.095 0.095 0.0675 0.0925 Sources: Bank of Japan, Japan Bond Trading Co., Ltd.

(31)

Statistical Data

29 Bond Issuance

（Billion yen）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

JGBs 105,996 133,970 147,831 154,686 175,268 186,155 175,683 140,455 125,751 145,660 165,823 164,064 172,248 181,032 175,848 Municipal bonds 2,200 2,299 2,582 4,264 5,251 6,152 6,031 5,703 5,873 7,439 7,608 6,654 6,771 7,079 6,880 Gov-guaranteed bonds 4,854 4,815 4,216 6,476 8,243 7,821 4,434 4,461 4,494 4,925 4,540 3,153 4,699 4,873 4,600 FILP agency bonds － 546 2,408 2,457 3,188 4,187 4,493 4,556 4,472 4,599 4,998 5,647 5,439 4,811 4,134

Straight

corporate bonds 8,276 8,609 7,736 7,728 5,879 7,088 6,858 9,258 9,125 11,493 9,678 8,483 8,409 8,708 8,456 Others 27,319 23,681 17,159 15,757 15,812 16,684 13,561 12,150 8,822 5,995 5,838 5,395 4,944 4,368 5,097 Total 148,645 173,922 181,934 191,371 213,642 228,090 211,062 176,585 158,540 180,113 198,488 193,398 202,513 210,873 205,019

Notes: 1. Excluding private placement municipal bonds. In addition, for 2008 and later, excluding private placement special bonds and private placement corporate bonds.

2. Straight corporate bonds include asset backed bonds. 3. Issuance of FILP agency bonds began in 2001. Source: Japan Securities Dealers Association

Composition of Bond Issuance

（％）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

JGBs 71.3 77.0 81.3 80.8 82.0 81.6 83.2 79.5 79.3 80.9 83.5 84.8 85.1 85.8 85.8 Municipal bonds 1.5 1.3 1.4 2.2 2.5 2.7 2.9 3.2 3.7 4.1 3.8 3.4 3.3 3.4 3.4 Gov-guaranteed bonds 3.3 2.8 2.3 3.4 3.9 3.4 2.1 2.5 2.8 2.7 2.3 1.6 2.3 2.3 2.2 FILP agency bonds － 0.3 1.3 1.3 1.5 1.8 2.1 2.6 2.8 2.6 2.5 2.9 2.7 2.3 2.0

Straight

corporate bonds 5.6 4.9 4.3 4.0 2.8 3.1 3.2 5.2 5.8 6.4 4.9 4.4 4.2 4.1 4.1 Others 18.4 13.6 9.4 8.2 7.4 7.3 6.4 6.9 5.6 3.3 2.9 2.8 2.4 2.1 2.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Notes: 1. Excluding private placement municipal bonds. In addition, for 2008 and later, excluding private placement special bonds and private placement corporate bonds.

2. Straight corporate bonds include asset backed bonds. 3. Issuance of FILP agency bonds began in 2001. Source: Japan Securities Dealers Association

Corporate Bond Financing

（Billion yen）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Straight corporate bonds 8,276 8,609 7,736 7,728 5,879 7,088 6,858 9,258 9,125 11,493 9,678 8,483 8,409 8,708 8,456 Convertible-type bonds

with subscription rights 357 300 427 72 561 889 1,423 127 653 287 171 39 36 97 104 Corporate bonds

with share options －－－－－－－－－－－－－－－ Total 8,633 8,909 8,163 7,800 6,440 7,977 8,281 9,385 9,778 11,780 9,849 8,522 8,445 8,805 8,560

Notes: 1. Straight corporate bonds include asset backed bonds. 2. “－” indicates nil.

3. Convertible-type bonds with subscription rights were previously termed convertible bonds before being renamed in accordance with 2002 revisions in the Commercial Code.

(32)

Statistical Data

FACT BOOK

2015

30

（Billion yen） End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Publicly ofered investment trusts

Number

of funds 2,793 2,867 2,718 2,617 2,552 2,640 2,753 2,997 3,333 3,656 3,905 4,196 4,384 4,922 5,404 Net

assets 49,399 45,280 36,016 37,435 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063 81,523 93,504

Real-estate investment trusts

Number

of funds － 2 6 10 15 28 40 42 42 42 35 34 37 52 62 Net

assets － 236 441 766 1,246 2,050 3,153 3,687 3,968 4,020 3,908 4,109 4,578 6,078 7,137 Private

placement investment trusts

Number

of funds 334 660 1,085 1,306 1,588 1,881 2,192 2,477 2,603 2,639 2,689 2,698 2,753 2,883 3,351 Net

assets 3,693 6,106 7,381 10,384 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818 40,413 46,870

Total

Number

of funds 3,127 3,529 3,809 3,933 4,155 4,549 4,985 5,516 5,978 6,337 6,629 6,928 7,174 7,857 8,817 Net

assets 53,092 51,624 43,839 48,586 57,839 83,041 105,068 119,478 81,670 95,143 98,255 89,979 100,461 128,014 147,512 Changes in

net assets 194 －1,468 －7,784 4,746 9,253 25,201 22,027 14,410 －37,808 13,472 3,112 －8,275 10,481 27,553 19,498

Source: The Investment Trusts Association, Japan

Net Assets Held in Investment Trusts, etc.

Stock investment trusts

Number

of funds 2,202 2,401 2,351 2,339 2,308 2,408 2,533 2,789 3,135 3,468 3,724 4,017 4,209 4,756 5,242 Net

assets 14,610 14,905 16,372 21,339 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913 65,027 77,095

Bond investment trusts

Number

of funds 576 446 346 263 230 218 206 194 184 174 167 165 161 152 148 Net

assets 23,817 22,652 14,121 11,746 9,955 11,498 10,576 10,059 8,691 8,755 9,026 8,536 9,302 14,569 14,433

Money management funds

Number

of funds 15 20 21 15 14 14 14 14 14 14 14 14 14 14 14 Net

assets 10,971 7,722 5,521 4,350 3,606 3,020 2,693 2,917 2,612 2,456 2,229 2,028 1,847 1,925 1,975

Total

Number

of funds 2,793 2,867 2,718 2,617 2,552 2,640 2,753 2,997 3,333 3,656 3,905 4,196 4,384 4,922 5,404 Net

net assets －1,954 －4,118 －9,264 1,419 3,561 14,350 13,579 10,832 －27,614 9,308 2,264 －6,392 6,736 17,459 11,981

Net Assets, etc., held in Publicly Ofered Contractual-type Securities Investment Trusts

(33)

Statistical Data

31

Number

of funds 230 187 200 221 255 289 249 246 365 393 350 293 239 206 295 Net

assets 373 617 697 1,161 1,799 1,945 1,875 1,876 1,287 1,522 1,266 881 1,275 1,479 1,791

Open type (excluding ETFs)

Number

of funds 1,972 2,205 2,133 2,100 2,038 2,106 2,271 2,527 2,706 3,003 3,289 3,629 3,866 4,440 4,824 Net

assets 14,236 13,398 13,165 17,216 22,522 35,180 49,665 61,029 37,029 46,430 48,588 43,152 47,423 55,456 64,688

ETFs

Number

of funds － 9 18 18 15 13 13 16 64 72 85 95 104 110 123 Net

assets － 889 2,509 2,962 3,113 3,703 4,116 3,878 2,524 2,290 2,610 2,728 4,214 8,090 10,616

Total

Number

of funds 2,202 2,401 2,351 2,339 2,308 2,408 2,533 2,789 3,135 3,468 3,724 4,017 4,209 4,756 5,242 Net

net assets －1,085 294 1,467 4,966 6,095 13,393 14,828 11,126 －25,942 9,401 2,220 －5,702 6,152 12,113 12,067

Net Assets, etc., held in Publicly Ofered Contractual-type Stock Investment Trusts

Stock investment trusts

Number

of funds 263 509 926 1,124 1,410 1,718 2,060 2,363 2,475 2,512 2,568 2,597 2,667 2,789 3,135 Net

assets 3,185 5,040 6,469 9,388 14,646 24,723 32,186 35,406 24,967 28,976 29,912 27,938 31,297 39,618 45,155

Bond Investment trusts

Number

of funds 71 151 159 182 178 163 132 114 128 127 121 101 86 94 216 Net

assets 507 1,066 911 995 949 919 800 623 587 691 714 604 520 794 1,715

Total

Number

of funds 334 660 1,085 1,306 1,588 1,881 2,192 2,477 2,603 2,639 2,689 2,698 2,753 2,883 3,351 Net

net assets 2,148 2,413 1,274 3,003 5,211 10,046 7,344 3,043 －10,474 4,111 958 －2,083 3,275 8,594 6,457

Net Assets, etc., held in Private Placement Contractual-type Investment Trusts

(34)

Statistical Data

FACT BOOK

2015

32 Derivative Market Transaction Volume, etc.

（Thousand contracts）

CY 2006 2007 2008 2009 2010 2011 2012 2013 2014

Transaction

volume 89,873 142,010 196,191 191,703 218,655 208,424 228,058 360,575 308,009 Current outstanding

open contracts 1,666 1,700 1,888 2,805 3,462 3,361 5,012 5,346 4,773

Notes: 1. The derivative market of Tokyo Stock Exchange was merged with that of Osaka Exchange in March 2014. 2. Figures show the total of the derivative markets of Tokyo Stock Exchange before the merger and Osaka Exchange. 3. Current outstanding open contracts are as of year-end.

Source: Japan Exchange Group

Value of Securities OTC Derivative Transactions

（Billion yen）

FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Transaction

value 65,062 88,456 97,214 147,591 88,021 98,697 79,420 69,467 44,041 136,503 122,946 End-of-term

balance 25,667 40,652 44,471 72,803 69,290 35,564 35,156 37,243 28,784 27,034 56,126

Notes: 1. Figures are on a notional value basis. 2. End of term balance is as of iscal year-end. Source: Japan Securities Dealers Association

5 Derivative Market

（Billion yen）

FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Securities other

than stocks 8,841 15,731 11,452 5,790 14,078 13,284 10,051 2,410 －1,651 11,063 3,719 9,998 12,178 5,498 －3,967 Stocks and

other equities 6,067 1,728 789 －8,408 －2,242 －3,524 －98 1,347 321 355 －333 －1,184 －1,791 －1,768 －1,084 Foreign securities －447 4,390 4,127 7,041 2,210 2,678 －949 －1,222 1,396 －613 4,748 －1,832 293 －1,070 2,421

Note: Changes during the iscal year. Source: Bank of Japan

Investment by Institutional Investors (Insurance Companies and Pension Funds)

6 Investor Trends

（Billion yen）

FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Securities other than

stocks 3,702 －8,234 －7,494 －433 8,159 13,820 14,905 11,740 172 2,328 2,267 －1,597 608 4,870 6,220 Stocks and other

equities －1,653 1,099 －1,704 －2,306 －1,556 －601 －3,261 31 1,561 －1,622 1,455 －10 －1,685 －6,777 －5,865 Foreign

securities 220 1,720 965 －689 －251 1,296 804 2,887 1,008 782 981 1,047 －18 303 1,828

Note: Changes during the iscal year. Source: Bank of Japan

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Statistical Data

33

（Billion yen）

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Individuals 68,934 61,033 48,679 75,599 84,740 117,977 108,419 76,653 54,345 68,469 63,040 62,838 76,447 83,429 99,790 Governments 560 533 538 789 722 977 1,866 1,567 1,137 1,152 940 793 791 845 974

Financial

institutions 70,551 61,797 47,553 67,554 67,402 94,097 87,678 59,843 42,541 52,628 48,575 49,007 57,843 65,309 90,484 Pension

trusts 19,652 18,696 13,630 16,581 15,430 20,927 20,185 14,149 9,364 11,697 9,963 9,169 9,580 9,236 10,635 Investment

trusts 9,877 10,302 9,384 13,602 15,219 25,537 26,865 19,739 13,378 15,956 13,606 13,881 17,034 21,292 27,530 Insurance

companies 38,535 31,687 21,988 29,566 29,441 42,688 43,452 30,875 19,652 23,728 20,017 18,707 21,468 23,042 29,010 Business

corporations 77,469 67,578 50,789 80,489 88,077 126,167 121,043 87,649 60,030 72,542 66,031 66,641 81,938 94,752 122,598 Foreigners 66,574 56,733 41,824 80,604 92,765 155,978 161,400 112,222 62,373 88,295 83,037 81,030 105,849 137,377 182,337 Securities

irms 2,581 2,170 2,088 4,494 4,596 8,198 10,385 6,293 2,711 5,341 5,569 6,240 7,463 10,149 12,707 Total 354,737 310,533 236,476 369,281 398,396 592,550 581,297 408,992 265,535 339,812 310,783 308,310 378,415 445,434 576,067

Notes: 1. Governments include central and regional governments.

2. Financial Institutions do not include pension trusts, investment trusts and insurance companies. 3. Figures cover all exchange-listed stocks excluding foreign stocks.

4. Pension trusts include investment assets of pension related funds of welfare pension funds, etc., for which banks operating trust business are appointed as trustee, but do not include those of public pension funds.

5. Treasury shares owned by each listed company are included under the investor type in which the companies are categorized. Source: Tokyo Stock Exchange

Stockholdings by Type of Investors

（%）

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Individuals 19.4 19.7 20.6 20.5 21.3 19.9 18.7 18.7 20.5 20.1 20.3 20.4 20.2 18.7 17.3 Governments 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.2

Financial

institutions 19.9 19.9 20.1 18.3 16.9 15.9 15.1 14.6 16.0 15.5 15.6 15.9 15.3 14.7 15.7 Pension

trusts 5.5 6.0 5.8 4.5 3.9 3.5 3.5 3.5 3.5 3.4 3.2 3.0 2.5 2.1 1.8 Investment

trusts 2.8 3.3 4.0 3.7 3.8 4.3 4.6 4.8 5.0 4.7 4.4 4.5 4.5 4.8 4.8 Insurance

companies 10.9 10.2 9.3 8.0 7.4 7.2 7.5 7.5 7.4 7.0 6.4 6.1 5.7 5.2 5.0 Business

corporations 21.8 21.8 21.5 21.8 22.1 21.3 20.8 21.4 22.6 21.3 21.2 21.6 21.7 21.3 21.3 Foreigners 18.8 18.3 17.7 21.8 23.3 26.3 27.8 27.4 23.5 26.0 26.7 26.3 28.0 30.8 31.7 Securities

irms 0.7 0.7 0.9 1.2 1.2 1.4 1.8 1.5 1.0 1.6 1.8 2.0 2.0 2.3 2.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Notes: 1. Governments include central and regional governments.

2. Financial Institutions do not include pension trusts, investment trusts and insurance companies. 3. Figures cover all exchange-listed stocks excluding foreign stocks.

4. Pension trusts include investment assets of pension related funds of welfare pension funds, etc., for which banks operating trust business are appointed as trustee, but do not include those of public pension funds.

5. Treasury shares owned by each listed company are included under the investor type in which the companies are categorized. Source: Tokyo Stock Exchange

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Statistical Data

FACT BOOK

2015

34

（Billion yen）

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Cash and

deposits 751,428 765,429 765,695 772,337 778,591 774,796 775,269 781,791 792,984 804,745 814,895 833,110 847,431 864,473 883,332 Bonds 48,079 41,802 34,171 32,229 37,248 40,371 43,226 44,521 43,166 41,850 38,172 34,966 32,142 29,294 27,223 Stocks and

other equities 112,930 92,569 77,997 123,744 134,600 199,551 200,267 115,318 84,958 101,748 106,181 109,716 133,243 151,405 183,958 Investment

trusts 33,922 30,381 27,954 34,054 38,119 54,724 70,009 66,505 48,417 59,891 62,366 59,309 71,229 78,472 95,458 Insurance and

pension reserves 377,624 418,631 423,274 413,071 412,903 411,580 419,647 426,780 426,121 417,941 418,672 422,552 431,399 435,208 444,149 Others 70,154 68,783 80,164 76,548 69,942 71,775 70,014 63,928 60,287 63,490 62,035 62,144 64,822 64,113 73,389 Total 1,394,140 1,417,598 1,409,257 1,451,986 1,471,406 1,552,799 1,578,434 1,498,845 1,455,936 1,489,666 1,502,323 1,521,800 1,580,267 1,622,967 1,707,513

Note: Bonds include trust beneiciary rights. Source: Bank of Japan

Household Financial Assets

（%）

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Cash and

deposits 53.9 54.0 54.3 53.2 52.9 49.9 49.1 52.2 54.5 54.0 54.2 54.7 53.6 53.3 51.7 Bonds 3.4 2.9 2.4 2.2 2.5 2.6 2.7 3.0 3.0 2.8 2.5 2.3 2.0 1.8 1.6 Stocks and

other equities 8.1 6.5 5.5 8.5 9.1 12.9 12.7 7.7 5.8 6.8 7.1 7.2 8.4 9.3 10.8 Investment

trusts 2.4 2.1 2.0 2.3 2.6 3.5 4.4 4.4 3.3 4.0 4.2 3.9 4.5 4.8 5.6 Insurance and

pension reserves 27.1 29.5 30.0 28.4 28.1 26.5 26.6 28.5 29.3 28.1 27.9 27.8 27.3 26.8 26.0 Others 5.0 4.9 5.7 5.3 4.8 4.6 4.4 4.3 4.1 4.3 4.1 4.1 4.1 4.0 4.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Note: Bonds include trust beneiciary rights. Source: Bank of Japan

Composition of Household Financial Assets

Year / Month 2014.01 2014.06 2014.12

Number of accounts (Ten thousand accounts） ₄₉₂ ₇₂₇ ₈₂₅

Purchase amount （Billion yen） ₀ _1,563.1 _2,976.9 Note: At the time of introduction for January 2014; end of month for others.

Source: Financial Services Agency

Nippon (Japan) Individual Savings Account (NISA)

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Statistical Data

35

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Regular

Members 293 290 281 266 267 289 308 317 321 305 293 285 261 255 254 No less than ¥50

million to less than

¥200 million 54 51 49 49 50 55 51 51 51 50 44 43 41 40 39 No less than ¥200

¥300 million 13 11 13 11 11 14 20 19 21 19 14 13 15 15 18 No less than ¥300

¥1 billion 74 79 79 76 76 88 99 102 103 96 96 92 80 75 75 No less than ¥1

billion to less

than ¥3 billion 44 45 37 37 38 36 37 45 46 45 45 41 37 38 35 No less than ¥3

billion to less

than ¥5 billion 14 14 14 14 15 15 19 21 23 23 26 26 25 23 24 No less than ¥5

billion to less

than ¥10 billion 11 11 15 13 14 14 15 17 17 19 19 19 19 18 17

No less than

¥10 billion 31 30 27 26 25 27 35 33 33 28 26 29 28 30 31

Foreign

securities irms 52 49 47 40 38 40 32 29 27 25 23 22 16 16 15

Enrollments 23 19 18 8 7 30 33 22 25 10 12 9 5 5 5

Withdrawals,

etc. 26 22 27 23 6 8 14 13 21 26 24 17 29 11 6

Changes －3 －3 －9 －15 1 22 19 9 4 －16 －12 －8 －24 －6 －1

Notes: 1. The amount in the breakdown for the number of member irms shows the classiication of capital for domestic securities irms. 2. In April 2004, the minimum capitalization requirement was lowered from ¥100 million to ¥50 million.

3. Withdrawals, etc. includes the decrease in the number of Regular Members due to mergers, etc. 4. The companies that withdrew efective March 31 are included in the withdrawals of the next iscal year. Source: Japan Securities Dealers Association

Regular Members (Securities Firms)

Securities Industy Overview

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Statistical Data

FACT BOOK

2015

36

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

City banks 9 7 7 7 7 6 6 6 6 6 6 6 6 5 5

Trust banks 18 15 14 14 14 14 14 16 15 14 14 14 12 12 12 Government-ailiated

inancial institutions 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 Regional banks 64 64 64 64 64 64 64 64 64 64 63 64 64 64 64

Second-tier

regional banks 57 56 53 50 48 47 46 45 44 42 42 42 41 41 41 Shinkin banks 39 38 38 36 35 37 37 38 39 40 40 40 40 40 40 Life insurance

companies 20 19 18 17 17 16 16 12 12 12 12 12 12 10 10 Non-life insurance

companies 20 17 14 14 13 13 13 10 8 8 5 5 5 5 4 Money market

brokers 6 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Foreign banks 5 5 4 4 5 9 8 12 15 15 15 14 14 14 14 Securities inance

companies 1 1 1 1 1 1 1 1 2 3 3 3 3 2 2 Credit

cooperatives 0 0 0 0 0 2 2 2 3 3 3 3 3 3 3 Other banks 3 4 4 4 6 5 5 9 10 10 10 10 11 10 10

Total 244 231 222 216 215 219 217 220 223 223 219 219 217 212 211

Note: Shinkin banks include shinkin banks and Shinkin Central Bank. Source: Japan Securities Dealers Association

Number of Special Members (Registered Financial Institutions)

End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Employees 94,717 96,692 89,294 85,027 86,406 87,913 92,661 99,139 99,200 93,308 92,056 88,807 83,056 82,976 85,358

Source: Japan Securities Dealers Association

Number of Securities Firm Employees

End of FY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Head oice 293 290 281 266 267 289 308 317 321 305 293 285 261 255 254

Branches 1,731 1,683 1,565 1,511 1,529 1,514 1,534 1,561 1,575 1,550 1,563 1,544 1,491 1,454 － Business

oices 285 276 257 263 281 324 372 418 419 387 363 362 387 379 1,864 Total 2,309 2,249 2,103 2,040 2,077 2,127 2,214 2,296 2,315 2,242 2,219 2,191 2,139 2,088 2,118

Note: From the end of FY2014, the category of “Branches” is included in that of “Business oices.” Source: Japan Securities Dealers Association

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Statistical Data

37

End of CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Regular

Members 72,846 75,107 72,069 67,539 69,298 71,965 76,054 81,260 81,198 77,265 75,913 73,410 69,684 70,720 72,342 Special

Members 345,643 367,485 363,470 362,908 356,353 345,374 357,542 349,261 354,559 360,071 362,095 360,289 354,990 350,703 350,533 Financial instruments

intermediary service providers belonging to

Regular Members

－－－－－ 1,144 1,870 2,134 2,056 1,944 2,120 2,422 2,632 2,846 3,012

Financial instruments intermediary service providers belonging to

Special Members

－－－－－ 11 13 98,433 99,092 100,658 94,024 96,729 97,226 96,249 94,808

Total 418,489 442,592 435,539 430,447 425,651 418,494 435,479 531,088 536,905 539,938 534,152 532,850 524,532 520,518 520,695

Notes: 1. The JSDA began recording the number of securities sales representatives of inancial instruments intermediary service providers in 2005. 2. Excluding representatives of inancial instruments intermediary service providers that are individuals rather than companies.

Securities Sales Representatives

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Class-1 10,288 14,761 10,135 5,544 25,452 91,739 74,148 61,716 60,635 61,108 57,099 53,680 83,918 67,586 59,088

Class-2 9,002 12,646 9,313 6,060 61,705 133,648 102,635 85,559 87,647 75,797 60,999 47,644 33,176 27,740 27,312

Special Members’ Class 45,041 39,817 30,807 22,843 11,754 14,266 21,715 15,995 15,233 15,575 13,152 12,636 15,352 12,672 10,128

Special Members’ Class-2 48,185 44,746 39,297 30,434 23,666 44,090 75,680 70,160 67,978 108,691 56,103 30,380 20,895 16,737 15,038

Total 112,516 111,970 89,552 64,881 122,577 283,743 274,178 232,430 231,493 261,171 187,353 144,340 153,341 124,735 111,566

Notes: 1. As of April 2004, employees of Special Members became eligible to take the Class-1 and Class-2 sales representative examinations.

2. As of September 2004, JSDA lifted its restrictions (must be an oicer or employee of an association member irm) on eligibility for taking the Class-2 Sales Representative examination.

3. As of January 2012, JSDA lifted its restrictions (must be an oicer or employee of an association member irm, must have qualiied as Class-2 Sales Representative) on eligibility for taking the Class-1 Sales Representative examination.

Securities Sales Representative Exam Candidates

（％）

CY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Class-1 58.5 50.2 57.0 75.2 75.4 66.8 54.2 52.1 49.9 47.0 42.6 42.3 39.1 40.1 44.0

Class-2 81.3 77.2 68.0 79.9 72.8 66.5 57.9 58.4 54.9 55.5 53.7 60.1 54.9 54.1 53.4

Special Members’ Class-1 54.5 50.8 43.3 57.0 48.9 55.4 49.7 42.8 39.0 38.5 34.8 32.6 30.3 30.1 30.0

Special Members’ Class-2 58.4 56.3 58.0 66.6 55.7 55.8 49.9 47.6 42.6 39.9 38.9 41.4 39.5 40.5 43.6

Notes: 1. As of April 2004, employees of Special Members became eligible to take the Class-1 and Class-2 sales representative examinations.

2. As of September 2004, JSDA lifted its restrictions (must be an oicer or employee of an association member irm) on eligibility for taking the Class-2 Sales Representative examination.

3. As of January 2012, JSDA lifted its restrictions (must be an oicer or employee of an association member irm, must have qualiied as Class-2 Sales Representative) on eligibility for taking the Class-1 Sales Representative examination.